Coventry Health Care Inc.

Aetna is exploring a sale of some of Coventry Health Care's assets worth as much as $1.5 billion, according to people familiar with the matter, a year after it acquired Coventry for $5.6 billion.

Aetna Inc., the third largest U.S. health insurer, is working with Bank of America Merrill Lynch on a sale process for Coventry's workers' compensation business, which is expected to attract interest from other companies in the sector as well as private equity firms.

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